MADRID: Spain's government announced on Thursday the creation of a 100 million euro ($119.82 million) fund to support small and medium sized companies in the aerospace sector, which has been slammed by the coronavirus pandemic.

The government unveiled the fund, as well as a program to boost research and development in the industry, after a meeting between Prime Minister Pedro Sanchez and several of his ministers and Airbus Chief Executive Guillaume Faury.

Production of short-range commercial jets fell 35% in 2020, the government said, after a year in which travel restrictions to contain the virus slammed the brakes on international travel.